TON Aims for a Comeback with NFT Initiatives as Popularity Wanes
After the excitement surrounding “TON Mini Games” dwindled, the TON ecosystem gradually slipped from the market’s spotlight. Surprisingly, the TON ecosystem has regained attention thanks to a concept that had fallen out of favor—NFTs.
Following the decline of “TON Mini Games,” the TON ecosystem slowly faded from the market’s main focus. Unexpectedly, it has resurfaced as a point of interest owing to the revival of NFTs, a concept that had long been overlooked.
On January 1, Telegram introduced its first update of the year, officially upgrading the “gifts” previously received on the platform to “collectibles.” These collectibles are NFTs, boasting characteristics like randomness and rarity, and can be transferred to other Telegram users or traded on the NFT market.
Looking at transaction volumes, Telegram “gifts” began to gain traction in mid-May, experiencing explosive growth in recent days. The rising number of related discussion tweets on Twitter also indirectly indicates the breakout effect of Telegram “gifts” in recent times.
From June 7 to June 9, the daily transaction volume of Telegram “gifts” nearly doubled, soaring from around 3 million US dollars to over 9 million US dollars.
In comparison to the NFT transaction volume of various chains, TON began to firmly outperform Solana starting mid-May, securing the second position in NFT transaction volume.
Recently, TON even surpassed Ethereum, with a daily transaction volume nearing 10 million US dollars—approximately three times that of Ethereum.
On June 9, Telegram founder Pavel Durov personally tweeted to promote Telegram “gifts,” highlighting several gift series that have surged in value over the past month, while noting that the TON chain had reached an impressive milestone by surpassing Ethereum in daily NFT transaction volume.
In the NFT trading market, TON’s largest NFT trading platform, TONNEL, has recently surpassed OpenSea in daily trading volume. Other TON NFT markets like Portals and Getgems have also matched trading volumes with Blur and Magic Eden over the last few days. Considering that the TON NFT market is exclusively linked to the TON chain, while OpenSea accommodates multiple chains, it stands out remarkably in the NFT landscape.
Based on data from the Getgems on-chain market, Plush Pepes currently reign supreme among Telegram “gifts.” With a floor price of 5,100 TON (approximately 16,800 US dollars), it not only maintains that price but also ranks first in weekly trading volume among all Telegram gift series, demonstrating that “higher value leads to greater popularity.”
All Telegram “gift” series shown on the chart are experiencing an uptick in weekly transaction volume. It’s uncertain where the next leading contender will emerge. Judging by the transaction volume and floor price, Durov is currently leading, but latecomers could still appear.
The TON NFT market effectively operates as the Telegram “gift” market. What led to this development? How does it differ from the NFTs we currently know? What are NFT whales like the laser cat @BitCloutCat’s views on it?
The Development of TON NFT
On January 24, Telegram officially enabled the addition of “gifts” on the TON chain. Users gained the ability to send “gifts” as transactions within the Telegram platform, marking them as an integral component of the TON ecosystem.
Subsequent updates enhanced the “gift” function, further attributing social characteristics to it. In this upgrade, “gifts” can be showcased like medals in the profile name bar of Telegram users.
On February 14, Telegram introduced a new series of nine limited-edition “gifts,” which sold out within hours, generating over $5 million in sales.
On March 7, Telegram further reinforced the social functionality of “gifts,” allowing users to display one “gift” after their name and up to six “gifts” on their profile cover.
On May 8, Telegram updated its built-in “gift” trading function, enabling the use of “stars” within Telegram for trading “gifts.”
On June 9, Telegram founder Pavel Durov personally tweeted to promote Telegram “gifts,” mentioning several successful series that had surged in the past month, and highlighted the TON chain’s achievement of surpassing Ethereum in daily NFT transaction volume.
The Difference Between TON NFT and Traditional NFT
1. Different Main Project Types
The NFT projects typical in the market usually consist of PFP, token airdrop vouchers, pass cards, and blockchain game assets. In contrast, the TON NFT market’s primary focus remains on Telegram “gifts,” which could be better aligned with Web2’s QQ Show.
From Getgems’ weekly transaction rankings, aside from Telegram “gifts,” the top-ranked “Anonymous Telegram Number” and “Telegram Usernames” are not part of the “gift” category but still carry “QQ logic”—the former does not require a mobile phone number for account binding, while the latter is a unique username similar to a Twitter handle. A nice number or a catchy name is also significant.
Both Telegram “gifts” and appealing usernames originate from Telegram officials and offer practical functionality within the platform. However, other PFP projects on the TON chain have yet to capture similar traction.
2. Different Trading Models
In terms of initial issuance transactions, Telegram “gifts” are officially released, with new series occasionally introduced as surprise launches. Additionally, “stars” bought in Telegram are used as currency, representing a shift away from the typical on-chain minting process.
The method of introducing new “Gift” series is notably unique, featuring an extended lock-up period. Successful buyers find themselves with “gifts” in a “non-NFT blind box” state, and only when Telegram activates the upgrade function can holders convert them into NFTs—essentially opening a box and converting it. Following this, there’s a 21-day trading restriction to prevent…
Regarding secondary transactions, the trading market is split between on-chain and off-chain types. The off-chain example, TONNEL, employs trading robots to manage Telegram “gift” transactions and integrates the market into Telegram as a mini-app. Conversely, Getgems represents the on-chain model, where any NFT on the TON chain can be located. This may resonate more with the operational preferences of veteran NFT users.
Currently, off-chain trading volumes significantly surpass those of on-chain markets, possibly indicating substantial interest from Telegram’s native users.
For an extended period, off-chain transactions have overwhelmingly dominated on-chain volumes, often by as much as tenfold. However, in recent days, on-chain market transactions have started to increase, with narrowing gaps—a potential sign that the crypto user base is expanding.
3. Different Usage Methods
If you engage through the on-chain market, any “gift” you acquire exists in an NFT (on-chain) form, requiring an upload to Telegram for it to be effectively worn. This necessity provides another explanation for the off-chain market’s popularity, as trading robots can instantly transfer items to users’ accounts, allowing them to wear them directly without additional steps.
What NFT Whales Think
BitCloutCat was interviewed by BlockBeats and noted that he first discovered Telegram “gifts” in March when Plush Pepe (now leading in Telegram “gift” floor prices) was valued at approximately 1,000 U. Unfortunately, he missed out because he didn’t realize the social attributes and wearability of the “gifts.”
After their rise in popularity, he researched further—discovering social elements where users can showcase their acquisitions, similar to “QQ Show.” The “stars” employed to purchase new series in the primary market also share similarities with QQ coins. Furthermore, high-profile endorsements from figures like Snoop Dogg’s official Telegram, the founder of Telegram, and Luca Netz, who created Fat Penguin, have broadened the potential audience significantly.
Due to the cooling-off period, there’s often a price disparity between on-chain and off-chain markets. On-chain trading permits any-time buying and selling, usually at a higher price, while off-chain trading allows for eventual transactions but imposes a preliminary lock period.
According to Laser Cat, the current primary players appear to be Russians and certain NFT enthusiasts, with numerous discussion groups conducted in Russian. Although some conversations have emerged in the Chinese-speaking community, they remain limited, making it difficult to determine whether the market is in an early or late stage. However, he believes that if executed well, this model could hold tremendous potential, offering a direct way to engage Web2 audiences through “gifts” shareable with friends on Telegram, who don’t initially require an encrypted wallet. Currently, lesser-known series with appealing designs have greatly appreciated. If a thriving author ecosystem can be established later, the popularity might soar even higher.
Conclusion
This resurgence of Telegram “gifts” alongside the recent MapleStory Chain game has rekindled interest in NFTs due to their practical applications. It has been four years since the NFT boom, and the term is no longer synonymous with hype; rather, it has quietly evolved to include practical applications, demonstrating its value on a broader platform. We hope to see more innovative NFT applications like Telegram “gifts” to inject renewed energy into the market.
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